Both sides of politics are in bed with China particularly when it comes to donations, influence and the promotion of free trade and other agreements between the two countries. The LNP has a CCP operative in federal parliament for Christ's sake.
Morrison is getting some international traction on the independent inquiry into the genesis of Corona, (which will achieve squat but OK) so good for him. But just wait, you'll continue to see business deals done at the top end of town with China in the next few years with the tacit approval of all governments, state/federal Lib/Labour. Money talks.
Longer term we are still screwed given the US steadily abrogating its regional responsibilities, a process that was happening before Trump but which is now accelerating given his administrations lack of interest in anything but feeding Trump's massive ego and scamming as much as they possibly can while they can.
What's the balance? We want to sell minerals to them, or do we? We have a hundred billion dollar hole in the economy to fill if we don't. We want cheap chinese goods, or do we? Consumers are selfish - we want good things cheap. Besides, supply chains in technology and manufacturing mean we'll always be buying goods that have some Chinese input.
And strategically - how do we stay independent in a world that will be increasingly dominated by China? It's not as simple as Labour vs Liberal. The Libs signed a free trade agreement with China in 2015.